Nasdaq Futures Trade Below Daily and Weekly Lower Bands as Semiconductor Selling Deepens - Market Pulse for Friday, July 17, 2026
Nasdaq futures carried the deepest overnight damage as semiconductor selling spread across Asia, while crude remained near $80 and U.S. data delivered firmer import prices and mixed housing signals.
The selloff that began in technology leadership on Thursday accelerated across Asia overnight, leaving Nasdaq futures below both the daily and weekly lower expected-move bands before Friday's U.S. cash open.
By approximately 9:07 a.m. ET on the delayed provider feed, NQ futures were near 28,635.50, ES was near 7,495.50, RTY was near 2,958.00, and YM was near 52,277. WTI crude was trading near $80.92, the U.S. Dollar Index was near 100.842, the 10-year Treasury yield proxy was near 4.541%, and VIX was near 18.81.
The distinction matters: this is an NQ-led liquidation, not yet an equally deep break across every major U.S. index future. NQ has moved materially beyond its weekly lower band, while ES, RTY, and YM are testing less extreme parts of their own maps. That relative structure will determine whether Friday develops into broad risk liquidation, a technology-specific reset, or a sharp relief attempt from stretched conditions.
Friday is a daily expected-move session. The complete weekly map was published on Monday and the monthly map on July's first trading day. Higher-timeframe levels are included below only where price has made them immediately relevant.
What You Need To Know
| Theme | Current Read | Why It Matters |
|---|---|---|
| Nasdaq futures | 28,635.50, -2.02% from Thursday's anchor | NQ is below daily -1SD at 28,807.52 and weekly -1SD at 28,997.07. Daily -2SD at 28,389.29 is the next immediate lower-band test. |
| Broader index futures | ES 7,495.50, YM 52,277, RTY 2,958.00 | All three were below daily -1SD at the provider freeze, broadening the decline, but NQ remained the clear downside outlier. |
| Semiconductor pressure | Taiwan fell roughly 6%, Japan's Nikkei lost more than 5%, and Hong Kong technology shares
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